On Tuesday, Gold prices on the Multi-Commodity Exchange (MCX) remained flat amid elevated oil prices and a pause in peace talks between the US and Iran. At around 9:10 am, gold’s futures contracts rose 0.01% to Rs. 1,51,732 per 10 grams on MCX, while Silver’s futures contracts declined 0.52% to Rs. 2,40,562 per kg.
Oil prices extended their gains on Tuesday, as Brent crude futures for June climbed 0.4% to $108.68 per barrel. US West Texas Intermediate (WTI) crude for June rose 0.6% to $96.96.
After a powerful rally that pushed gold to a record high around $5,595 per ounce in late January, the metal has since retreated roughly 11%.
24K gold declined by Rs. 71 to Rs. 1,53,000 per 10 grams. 22K gold fell by Rs. 65 to Rs. 1,40,250. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,53,000, while Delhi was at Rs. 1,53,150, and Chennai at Rs. 1,53,820.
US gold held steady on Tuesday as investors awaited more clarity on stalled peace talks between the United States and Iran, as well as key central bank decisions this week to see if the West Asia conflict has changed the interest rate outlook.
Spot gold was up 0.2% at $4,693.04 per ounce. US gold futures for June delivery rose 0.3% to $4,707.80.
Spot silver rose 0.5% to $75.91 per ounce, platinum gained 0.7% to $1,997.22, while palladium was steady at $1,476.47.
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The US Federal Reserve is expected to keep the interest rates unchanged when it announces its policy decision on Wednesday.
In addition, the US Senate Banking Committee is scheduled to move forward on Wednesday with Kevin Warsh’s nomination for Federal Reserve Chair, with a vote expected at 10 am.
Internationally, gold has support at $4,681 and $4,640, while resistance is at $4,724 and $4,770 per troy ounce, and silver has support at $74.40 and $72, while resistance is at $76.20 and $78 per troy ounce.
On MCX, gold has support at Rs. 1,50,800 and Rs. 1,50,000 and resistance at Rs. 1,53,500 and Rs. 1,54,200, while silver has support at Rs. 2,38,800 and Rs. 2,35,000 and resistance at Rs. 2,44,400 and Rs. 2,47,700.